Port Everglades Completes Financial Audit

Friday, April 1, 2011 2:22 PM

Port Everglades Completes Financial Audit

Broward County's Port Everglades has completed its first audited financial statements in conformity with Government Auditing Standards issued by the Comptroller General of the United States since becoming an Enterprise Fund of Broward County in 1994. This audit was released today as part of the Port's Annual Commerce Report for Fiscal Year 2010 (October 1, 2009 through September 30, 2010).

Independent auditors Crowe Horwath LLP, one of the largest public accounting and consulting firms in the United States, completed the audit of the Port's Fiscal Year 2010 financial statements, which are online at http://www.porteverglades.net./Previously, Port Everglades' financial records were reviewed as part of the broader Broward County audit, however this independent audit required a more intensive evaluation and review to qualify as a stand-alone statement.

Port Everglades Director Phil Allen called the audit "a significant undertaking" that benefits the Port and Broward County for several reasons:

By issuing separately audited financial statements and an accompanying auditor's opinion, Port Everglades has been subjected to a higher level of audit scope than an audit focusing on Broward County's overall financial status.

Other seaports that Port Everglades competes with for cruise and ocean shipping business issue annual audited financial statements as a normal course of business.

The public and its elected officials can use the audited financial statements to assess Port Everglades' ability to maintain financial independence from the use of ad valorem taxes and provide a solid financial base. This point is especially important as Port Everglades is moving forward with an aggressive 20-year Master/Vision Plan and capital program.

Port Everglades, a self-supporting Enterprise Fund and Department of Broward County, FL, is located in the cities of Fort Lauderdale, Hollywood and Dania Beach. The seaport's main waterborne commerce is derived from a diverse combination of cruise, containerized cargo, petroleum transport and bulk cargoes. Port Everglades generated operating revenues of approximately $124.7 million in Fiscal Year 2010 (October 1, 2009 through September 30, 2010), which was a 9 percent increase over the previous fiscal year. The total value of economic activity at Port Everglades is approximately $14 billion. More than 143,000 Florida jobs are impacted by the Port, including 10,000 people who work for companies that provide direct services to Port Everglades.